Emerson Completes Sale of Network Power to Platinum Equity

ST. LOUIS--(BUSINESS WIRE)--Emerson (NYSE: EMR) today announced that it has completed the sale of
its Network Power business to Platinum Equity and a group of
co-investors. Emerson received proceeds of $4 billion and retained a
subordinated interest in the business.

“The completion of this transaction is an important step in our
strategic portfolio repositioning as we work to streamline the company
and create opportunities for long-term growth and drive value for
shareholders,” said David N. Farr, Chairman and Chief Executive Officer
of Emerson. “With Network Power under the Platinum Equity umbrella, it
is well positioned to achieve its long-term goals and succeed in the
future.”

Platinum Equity Chairman and CEO Tom Gores said he is proud of his
firm’s strong relationship with Emerson and the commitment on both sides
to finding a solution that is good for Network Power going forward.

“We appreciate Emerson’s trust and confidence in our ability to
execute,” said Mr. Gores. “This investment will be a cornerstone in our
portfolio and is a great fit for Platinum that plays right to our
strengths. We will deploy our full range of global operational skills,
financial resources and M&A capabilities to support the company's growth
and innovation."

Network Power is rebranding as Vertiv and will operate as a stand-alone
global enterprise in Platinum Equity’s portfolio. Headquartered in
Columbus, Ohio, the company is a leading provider of thermal management,
A/C and D/C power, transfer switches, services and information
management systems for the data center and telecommunications
industries. Emerson recently reported that the Network Power business
had sales of approximately $4.4 billion in fiscal 2016.

Statements in this press release that are not strictly historical may be
“forward-looking” statements, which involve risks and uncertainties, and
Emerson undertakes no obligation to update any such statements to
reflect later developments. These risks and uncertainties include the
Company’s ability to successfully complete on the terms and conditions
contemplated, and the financial impact of, its strategic portfolio
repositioning actions, as well as economic and currency conditions,
market demand, pricing, protection of intellectual property, and
competitive and technological factors, among others, as set forth in
Emerson’s most recent Annual Report on Form 10-K and subsequent reports
filed with the SEC.